You can beat the austerity Budget, but be quick

Make sure that the austerity Budget has the minimum impact on your own
finances.

This week's Budget provided us with some surprises, as well as confirmation of many of the cuts and changes that we already knew were coming up.

It is easy to feel helpless in the face of so many cuts and complex announcements, but there are things you can do to make sure that the Chancellor of the Exchequer George Osborne's austerity Budget has the minimum impact on your own finances.

Whether you have a young family, are set to lose benefits, or are one of those who pays the "temporary" 50p tax rate, read on for some suggestions.

Save the date

April 6 is the beginning of the next financial year and some inflation-busting price rises will be coming into force straight away.

Time is running out to save on basic health care. Prescription charges in England will increase from £7.20 to £7.40 per item on April 1, so if you are a heavy user of repeat prescriptions, collect them as soon as possible.

If you're Scottish, however, hang on as prescription charges will be scrapped on the same date, in line with Wales and Northern Ireland.

Dental charges will also rise if you've managed to find an NHS dentist, so if you can get an appointment before April 1 you will save on fillings, dentures and bridges as well as the basic check up.

Finally, if you are a higher rate taxpayer and your employer runs a childcare voucher scheme, you need to get onto it as soon as possible.

Two working parents who are both higher-rate tax payers can save up to £2,392 in tax annually if they join the scheme before April 6. If they wait until afterwards, they will lose £1,144 of that saving. Vouchers have a long date, so if you are on maternity leave and thinking of returning soon, or know that you will need Ofsted registered childcare in the future, now is the time to join.

Quickly consider your home buying options

For first-time buyers who are desperate to get onto the housing ladder, Mr Osborne provided what looked like a generous sop. The £250 million Firstbuy scheme aims to provide interest-free loans to those who can't get a deposit elsewhere. If you want to get in line you'll need to move fast, since money for these types of scheme has run out quickly in the past. The scheme, which only applies to newbuild properties, comes with many caveats, which I have discussed elsewhere in this section. But if you think it will benefit you; get in line now.

Change your investments

More generous tax relief for some risky investments was one of the "perks" of this year's Budget, but be careful what you are getting into. The rate of income tax relief available for those investing in Enterprise Investment Schemes (EISs) rose from 20pc to 30pc, while Mr Osborne also announced new Enterprise Zones that will attract tax relief.

Watch out for new investment products set up to take advantage of these, especially if you are in the 50pc tax bracket. Be wary, however, since schemes like these have not always performed well, and seek specialist financial advice.

Switch your drinks

Unless you rush to the off licence over the weekend, you're too late to avoid an above-inflation increase in alcohol duty. Beer will go up by 4p a pint, wine by 15p a bottle and spirits by 54p from midnight on Sunday. However, the Chancellor has provided an incentive for those who take their beer drinking a little more lightly. Duty on a can of superstrength lager will go up by 25p from October, but low-alcohol beers will come down by 18p. You have six months to get used to weaker lager.

An average box of 20 cigarettes will cost over £7 a pack for the first time, with a 50p rise in duty. Some may take this as an incentive to give up; Amit Aggarwal, chief executive of National No Smoking Day, calculates that a heavy smoker could save £45.